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2018 (4) TMI 141 - HC - Income TaxJustification for invoking the provisions of explanation 3 to Section 43(1) - Held that:- Eplanation given by the Respondent for purchase of generator sets at ₹ 5.27 Crores was reasonable. This coupled with the facts that Revenue did not make any enquiry to find that the market value of similar generator sets as purchased by the Respondent from Kirloskar Oil Engines Ltd., as found by the Tribunal. We find that the Revenue seems to have proceeded on suspicious rather than on facts to disregard the purchase price of ₹ 5.27 Crores for generator sets and reduce the actual cost. In the above facts, the view taken by the Tribunal is a reasonable and possible view and Explanation III to Section 43(1) of the Act will not apply in these facts. No substantial question of law. Set off of unabsorbed depreciation of assessment year 1999-2000 against the income for Assessment Year 2008-09 - Held that:- The issue raised by the Revenue stands concluded against it and in favour of the Assessee by the decisions of this Court in CIT v/s. Hindustan Unilever Ltd. [2016 (7) TMI 1245 - BOMBAY HIGH COURT] and Pr. CIT v/s. Hindustan Antibiotics Ltd [2018 (4) TMI 140 - BOMBAY HIGH COURT] - No substantial question of law.
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